Retirement and Estate Planning in Surrey

When you have worked hard and plan to retire, you must prepare properly to enjoy it without worrying. This is where Schmidt Berg, Chartered Professional Accountants, comes into the picture. If you have been planning your retirement for a long time, you will have contributed to the Canada pension plan or your Canada RRSP retirement savings throughout your career.

Our retirement planners will help you calculate how much you have saved and update you with changes. Along with retirement planning, we also help you manage your estate planning in Surrey and throughout BC. Contact us today for more information.

What Is Estate Planning?

Estate planning covers many aspects, such as legal documents and arrangements for your family. It may encompass a range of items, from a living will for healthcare during incapacity to a will after death, naming an executor to implement your wishes, choosing a guardian for minor children, and more. Increasingly, experts are considering digital assets (e.g., Bitcoin, social media accounts) and cherished pets in estate planning.

Importance of Real Estate Planning

Estate planning is essential for the following reasons—

Estate planning—Real estate planning ensures the distribution of the assets the way you want after your death. If not planned, the distributed assets will be determined by the law/court, which might not be in your favour.
Reduces taxes—Estate planning reduces and minimizes taxes and beneficiaries that have to be paid on inherited assets. Trusts and gifts are suitable for reducing the tax burden.
Avoids probate—Estate planning done by a professional helps avoid extremely lengthy probate processes and is time-consuming. It is a process undertaken in court to validate a will and distribute assets, which is an expensive option.
Planning for incapacity—When a person cannot make important decisions due to their medical condition/health or any other issue, estate planning helps by giving the power to someone who can manage the finances and healthcare through the power of attorney and directives.

Challenges in Estate Planning

Estate planning involves various complexities and challenges like every other field. These include complex laws involving planning through various federal, state, and sometimes international laws. These laws are made to supervise wills, trusts, taxes, and other legalities. Changes in families like marriage, divorce, birth or death increase complications in estate planning decisions.

Correctly valuing assets, especially high-value assets like real estate, business interests, and investments, is essential to avoid tax liabilities and beneficiaries. Estate taxes become a significant concern during estate planning, as they significantly decrease the wealth that needs to be passed on. Hence, estate planning becomes essential for using trusts, gifts, and charitable contributions to help lower these taxes.

Estate Taxes Services

Estate tax planning constitutes a significant part of the estate planning process. At Schmidt, Berg & Co., we focus on providing top-notch estate tax planning services to our customers, providing them with knowledge about the process to increase their awareness and smooth their process. Our team of tax professionals and planning attorneys will guide you through the taxing process. If you want estate tax services and estate planning in Surrey, visit our website.

Estate Planning Checklist

Estate planning may seem intimidating, but starting by considering your goals and desires is essential. Taking the time to make these fundamental decisions beforehand can simplify the process and save resources. Some questions to consider:

Who do you wish to provide for after your death?
What assets do you own, and how do you want them distributed or allocated?
Who is your primary beneficiary, and who would be the alternate if something happened to that person?
Who do you want to serve as guardian for your minor children, and have they agreed to be the guardian?
Who will decide on your place if you cannot due to illness or injury?

Writing a will may seem complex and cumbersome, but it's a simple legal document that outlines critical responsibilities. You don't need to include your net worth or extensive lists, but the more information you provide your executor, the easier it will be for them to carry out their duties.

Benefits of Hiring a Chartered Professional Accountant

Here are some benefits of hiring a chartered professional accountant—

Expertise—A chartered professional accountant has expertise, experience and complete knowledge of taxation and its regulations. They offer expert advice on minimizing taxes through proper planning and compliance with the laws.
Guide in planning—These professionals are vital in financial planning. They create a comprehensive financial plan which includes estate planning and other factors such as risk management, retirement planning, and investment strategies.
Valuation of assets—Due to their knowledge and experience, they can accurately evaluate your assets, which is essential for estate planning. Proper evaluation leads to adequate accounting of your assets for the plan and decreases disputes amongst beneficiaries.
Legal Compliance—CPAs ensure your estate plan complies with complex tax laws and regulations. They can prepare and file necessary tax returns, including estate tax returns (Form 706), and ensure that all legal requirements are met to avoid penalties and audits.

Services

Our retirement planning services include:

Canada pension plan advice

Retirement savings

Pension buyout tips

Estate planning and estate tax

Retirement planning

Inheritance tax and probate fees

Trust account

Tax-free savings (TFSA Canada)

We also offer other services, including corporate taxes, personal taxes, and estate taxes. Connect with us for more information!

Guidance for Your Retirement

Our retirement planning experts can help you understand:

Probate fees (sometimes called “inheritance tax”)

Your Canada pension plan

Estate tax

Trust account

Retirement savings (Canada RRSP)

Why Choose Us?

Schmidt, Berg & Co. is among Surrey's top companies for estate planning. We offer personalized services to our clients based on their financial status, family dynamics, and preferences. Our team of experts and professionals is well-equipped with skills and situations suitable for solving even the most complex situations. Our team works to make your estate planning process smooth and straightforward. We also offer financial advice to our clients and guide them through the process. Our members also include professionals such as Chartered Professional Accountants (CPAs) and estate planning lawyers who are well-versed in Surrey's estate laws and tax regulations. If you are looking for estate planning in Surrey, get assured of service from Schmidt, Berg & Co., and contact us now.

Plan Your Retirement

Secure your future with retirement and estate planning. Discuss with our CPA.

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FAQ

Below, we have covered some frequently asked questions for your reference.

What Are the Different Types of Corporate Taxes in Canada?

In Canada, businesses pay federal and provincial corporate income tax on their taxable income. The specific tax rates may vary depending on the province in which your business operates.
What Are the Deadlines for Filing Corporate Tax Returns?

The deadline for filing corporate tax returns depends on the fiscal year-end of your business. Generally, corporations have six months after their fiscal year-end to file their return. However, it's always best to consult with a professional accountant to ensure you meet all filing deadlines.
What Are Some Common Corporate Tax Deductions?

A qualified CPA can help you identify all eligible deductions to maximize your tax savings. Here are some additional examples: Advertising and marketing expenses Rent and utilities Office supplies Travel and entertainment expenses (with limitations) Interest paid on business loans Bad debts written off
What Happens If I Get Audited by the CRA?

If you get audited by the Canada Revenue Agency (CRA), it's important to remain calm and seek professional help. Our experienced team will represent your business during the audit, handle all communication with the CRA on your behalf, and negotiate to minimize any potential tax liabilities or penalties.